All humans are genetical programmed to find the easiest solution. In most cases that works well, but for reaching a long term goal you would need to find patience and have a strong will. There has been done a lot of experiments on children where they have been studied in different tests and then been examined again at later stages of life. The most interesting study is the “Marsmallow Experiment”.

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Stanford started a series of studies using the “Marshmallow Experiment” on children in the late 1960s, and the result was astounding:

“In follow-up studies, the researchers found that children who were able to wait longer for the preferred rewards tended to have better life outcomes, as measured by SAT scores,[2] educational attainment,[3] body mass index (BMI),[4] and other life measures.[5]“

Even when people know that they will receive a greater reward if they have patience and wait, most people tend to choose the easiest or fastest way of getting to a short term goal. The psychology of it is quite interesting. I would recommend a book called “Thinking fast and slow” by Daniel Kahneman. He explains that we have two ways of taking a decision, one is the fast way where we tend to use prejudice as a factor, the other way is the slow way where we tend to use experience and knowledge.

After my own experiences, I know that I take fast decisions way too often. I could have been better off if I took slow decisions and thought more about the long term goal. That is why I from today will share my own long term goals and help you set up your own.

My longterm goals

Even though people claim that “money doesn’t make you happy”, it certainly gives you freedom and relieves you of financial concerns. However, there is a point where you will have more money than what is good for you, your family and friends. As Ed Sheeran recently said:

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“The Forbes list actually f—ked it up,” Sheeran, 26, lamented to Rolling Stone about his social life. “I was getting texts from people with pictures of cars going, ‘I’d like this for my birthday, please. This one’s only .06 percent of your annual income.’”

So there is a fine line from being financially independent to being “too wealthy” where you will lose friendship because you are simply “too rich”. That is why so many wealthy people often tend to live a quite neutral life, to avoid flashing off their wealth and avoid people calling asking for money.

Of course, my most prominent goal is to have a good and safe life with my family and friends. But I want to become financially independent as well:

Within 2024 I will have reached financial independency by:

Having a cash flow of $10 000 a month (passive or semi-passive)

Having $0 in debt

Owning a decent home where I can live for the foreseeable future with my family (4 rooms, nice garden and community = approx. $1 000 000 in Norway)

Having a cash backup of at least $500 000

These are my main goals for the coming 7 years. I believe they are reachable. In coming articles I will share my plan with you on how I’m going to reach my goals.

It is important to notice that these goals are mine. You have to think about what would make you feel financially independent depending on your own goals. I live in Norway with a fairly high cost of living, so if you live in a country where living expenses are less, I would suggest that you adjust any longterm goals to your needs. You might need less and you might want more. That is totally up to you to decide but try to have as realistic goals as possible, even though you should try to reach for the stars!

To only focus on the financial side can become “one sided”. I am truly passionate about our world’s well being, but I believe I can be of more help to the world when I have ensured my own family’s future.

Your task

Please spend a few hours, a few days, or even a few weeks planning your own longterm goals. Think 7 years ahead in the future. Write down your goals and discuss them with a friend or your family. If you feel comfortable with it, please share your goals with us by leaving a comment below, or submit this form (confidential):

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More

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